Suven Life Q3 net down 16 pc at Rs 1.29 cr

MUMBAI: Suven Life Sciences today posted a rise of 16.21 per cent in net profit to Rs 1.29 crore for the third quarter ended December 31, 2011.

The company had posted a net profit of Rs 1.11 crore in the corresponding period of previous fiscal.

The company's net income from sales and services rose to Rs 48.72 crore for the third quarter, compared to Rs 32.06 crore in the same period previous fiscal, Suven Life Sciences said in a filing to the BSE.

In a separate filing to the BSE, the company said that with effect from December 31, 2011, Suven Nishtaa Pharma Pvt Ltd has become a wholly-owned subsidiary of the company.

Further, the company said its Board of Directors at its meeting held on January 31, 2012 has given its consent for amalgamation of Suven Nishtaa Pharma with Suven Life Sciences Ltd subject to the approval of the scheme by the High Court of Andhra Pradesh.

"Consequent to the above, there will be no issue of shares pursuant to the merger, since the company which is being proposed to be merged with the holding company is a wholly-owned subsidiary," Suven Life Sciences said.

Shares of Suven Life Sciences today closed at Rs 15.79 on the BSE, down 1.56 per cent from previous close.